Statistics

The European System of Central Banks (ESCB) releases its statistics and related methodologies via the websites of the European Central Bank and the national central banks. The purpose of ECB statistics is to provide all the statistics required in the tasks of the ESCB and of the European Systemic Risk Board.

5 February 2015: Release of new Statistics Bulletin

The ECB Statistics Bulletin contains about 80 pages of tables and charts detailing the current economic situation in the euro area, the EU, EU Member States and major partner countries. It is updated online as soon as any of its component data is updated in the ECB’s Statistical Data Warehouse (SDW). Each page is accompanied by the corresponding selection screen from the SDW in order to facilitate downloading of full time series and further analysis.

Interactive Graphics

27/02/2015International reserves and foreign currency liquidityIn January 2015 the official reserve assets of the Eurosystem increased by €65.4 billion (10.7%) to €677.8 billion. This figure now includes the international reserves of Lithuania, which amounted to €0.8 billion at end-January 2015. The contribution of the ECB increased by €5.2 billion (8.6%) to €65.7 billion. The increase in the Eurosystem's reserve assets was mainly due to a 12.9% increase in the gold price. Data on the ECB pool of reserve assets now includes contributions from Lithuania.
more

27/02/2015Forthcoming statistics on insurance corporationsThe ECB has published the first unofficial reporting templates including ECB add-ons, which may be used by national central banks, in liaison with national competent (supervisory) authorities, to implement a single reporting flow for statistical and supervisory data as of 2016. This is the result of extensive cooperation with supervisors, in particular the European Insurance and Occupational Pensions Authority (EIOPA), and will help minimise the reporting burden. more

26/02/2015Press release: Monetary developments in the euro areaThe annual growth rate of the broad monetary aggregate M3 increased to 4.1% in January 2015, from 3.8% in December 2014.1 The three-month average of the annual growth rates of M3 in the period from November 2014 to January 2015 increased to 3.6%, from 3.1% in the period from October 2014 to December 2014. more

24/02/2015Seasonally adjusted euro area HICPFollowing today's publication by Eurostat of the January 2015 figures of the Harmonised Index of Consumer Prices (HICP) for the euro area, the ECB has compiled the seasonally adjusted monthly rate of change of the euro area HICP, which is -0.4 % for January 2015. The latest HICP data, including breakdowns of the main aggregates, can be accessed from the Statistical Data Warehouse. SDW

19/02/2015Press release: Euro area investment fund statisticsIn December 2014, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €248 billion higher than one quarter earlier in September 2014. This increase was due almost equally to increases in share/unit prices and to net issues of shares/units. more

19/02/2015 Euro area monthly balance of payments (December 2014) In December 2014, the current account of the euro area recorded a surplus of €17.8 billion. In the financial account, combined direct and portfolio investment recorded an increase of €5 billion in assets and a decrease of €62 billion in liabilities. more

19/02/2015Euro banknotes in circulation: latest figures The value of the euro banknotes in circulation decreased in January 2015, from €1,016.5 billion to €1,003.8 billion. This monthly decrease was mainly in 50 euro notes with respectively net issuance of €-7.5 billion. more

17/02/2015Publication of latest statistics on quarterly negotiated wages in the euro areaAverage negotiated wage rates in the euro area grew by 1.7% year-on-year in the fourth quarter of 2014, unchanged from the third quarter.more

11/02/2015Press release: Euro area securities issues statisticsThe annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.5% in December 2014, compared with -0.9% in November. For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.6% in December 2014, the same as in November. more

11/02/2015Latest harmonised long-term interest rate statistics (LTIR)The latest update of the LTIR used for assessing convergence, for the reference period January 2015, has been published on the "Long-term interest rate" web page. The monthly updates are released on that page in line with the predetermined release calendar.more

09/02/2015 Harmonised indicators of competitiveness based on consumer prices, GDP deflators and Unit labour costs more

04/02/2015 Latest monthly outstanding amounts of STEP labelled debt securitiesThe latest update of the monthly outstanding amounts of debt securities for programmes labelled as STEP compliant has been published. In January 2015, the outstanding amounts increased by €43.1 billion (10.9%) to € 438.8 billion. more

28/01/2015Press release: Euro area economic and financial developments by institutional sector: 3rd Quarter of 2014Euro area gross saving, which is the sum of the savings of households, corporations and government, increased after decreasing previously (third quarter 2014: 2.5%, second quarter: -0.6%). The increase in euro area savings was only partially matched by the continued slow increase in euro area gross fixed capital formation (0.7% after 0.9%), which grew only moderately in case of households and non-financial corporations and declined for financial corporations and government. more

13/01/2015Latest harmonised long-term interest rate statistics (LTIR)The latest update of the LTIR used for assessing convergence, for the reference period December 2014, has been published on the "Long-term interest rate" web page. The monthly updates are released on that page in line with the predetermined release calendar. more

12/01/2015 Harmonised indicators of competitiveness based on consumer prices, GDP deflators and Unit labour costs more

08/01/2015Statistics on euro area insurance corporations and pension funds: third quarter 2014In the third quarter of 2014, the total financial assets of euro area insurance corporations and
pension funds increased to €8,613 billion, from €8,500 billion in the previous quarter. Over the same period, the amount outstanding of insurance technical reserves, which are the main liabilities of insurance corporations and pension funds, increased to €7,082 billion, from €6,988 billion. This
increase was partly due to an increase of €50 billion in transactions. more

07/01/2015 Latest national aggregated balance sheets of non-participating Member States' MFIsThe latest updates to the national aggregated balance sheets of all non-participating Member States' MFIs (excluding NCBs) for the reference period November 2014 have been published. more

02/01/2015 Update of the trade weights of the EERs/HCIsThe Effective Exchange Rates following the euro area enlargement to Lithuania have been updated. more

19/12/2014Euro area balance of paymentsIn October 2014, the current account of the euro area recorded a surplus of €20.5 billion. In the financial account, combined direct and portfolio investment recorded a net increase of €28 billion in assets and a net decrease of €25 billion in liabilities. more

16/12/2014Latest update of the indicators of financial integrationThe latest update of the indicators of financial integration has been released. These indicators allow an overall assessment of the degree of financial integration in the main financial market segments of the euro area, covering the money market, bond markets, equity markets and banking markets, and include indicators related to market infrastructures.more

03/12/2014Latest national aggregated balance sheets of non-participating Member States' MFI'sThe latest updates to the national aggregated balance sheets of all non-participating Member States' MFIs (excluding NCBs) for the reference period October 2014 have been published. SDW

02/12/2014Latest monthly outstanding amounts of STEP labelled debt securitiesThe latest update of the monthly outstanding amounts of debt securities for programmes labelled as STEP compliant has been published. In November 2014, the outstanding amounts increased by €4.6 billion (1.2%) to € 392.8 billion.

21/11/2014 Latest update of the Consolidated Banking DataThe European Central Bank (ECB) has released today the end June 2014 semi-annual Consolidated Banking Data (CBD). This data set provides comprehensive information about the banking system of individual EU Member States, as well as aggregates for the whole EU and euro area. In particular, the data include indicators on profitability and efficiency, solvency, balance sheet composition, asset quality. more

21/11/2014Debt securities issuance and service by EU governmentsNew monthly statistical indicators on debt securities issuance and debt service by euro area governments have been released with the reference period of October 2014. The new indicators are based on the security-by-security information contained in the Centralised Securities Database (CSDB) and provide an indication of the expected disbursements to come for the servicing of issued government debt securities (debt service) together with associated interest rates (average nominal yield). The debt service in the euro area (principal and interest) scheduled for the next 12 months is about 17.2% of GDP. SDW

13/11/2014Euro area accounts and national, quarterly financial accountsThe figures published on 27 October 2014 were slightly revised to incorporate new data. The revisions released today concern the financial accounts. SDW

12/11/2014 Survey on the access to finance of enterprises in the euro areaAccording to the results of 11th round of the survey on the access to finance, conducted by the ECB and the European Commission, access to finance remains an important – albeit not the most pressing – concern for euro area SMEs. With the exception of the smallest firms, euro area SMEs reported an improvement in the availability of finance from external sources in net terms. At the same time, the general economic outlook was reported as having a particularly negative impact on the financing of euro area SMEs.more

06/11/2014Latest
monthly outstanding amounts of STEP labelled debt securities The latest update of the monthly outstanding amounts of debt securities for programmes labelled as STEP compliant has been published. In October 2014, the outstanding amounts decreased by €21.3 billion (5.2%) to € 388.2 billion. more

31/10/2014Euro area MFI interest
rate statistics In September 2014 the composite cost-of-borrowing indicator for non-financial corporations remained broadly unchanged whereas the one for households decreased. In the same month, the euro area composite interest rate for deposits from non-financial corporations remained broadly unchanged whereas the one from households decreased. more

29/10/2014 Results of the the October 2014 bank lending survey for the euro areaNet easing of credit standards continued for all loan categories in Q3 2014, although risk concerns re-emerged.
Demand for loans increased across all loan categories but the contribution of firms' financing needs related to fixed investment returned to negative territory.
TLTRO uptake mainly driven by profitability motives; impact on loan supply primarily expected to ease terms and conditions. more

27/10/2014Press release: Euro area economic and financial developments by institutional sector: second quarter 2014• Household financing increased at an annual rate (0.8%) in the second quarter of 2014 after remaining stable in the previous quarter. Household financial investment increased at an unchanged annual rate (1.7%). Household net worth increased at a higher annual rate (2.5% after 1.5%).
• Non-financial corporations’ net entrepreneurial income (broadly equivalent to current profits) increased at a lower annual rate (0.5% after 6.0%), while their financing increased at an unchanged rate (0.5%).
• Net lending by the euro area households slightly increased as a percentage of euro area net disposable income (3.7% after 3.5%), while net lending by the financial and non-financial corporations sector and net borrowing by the government sector decreased. As a result, euro area net lending to the rest of the world increased slightly to 2.6% of net disposable income. more

17/10/2014 Estimates of outstanding amounts of loans granted by euro area monetary financial institutions to euro area non-financial corporations, broken down by economic activity (NACE Rev. 2) In June 2014 the largest shares of total loans granted were accounted for real estate and other market services (33%), manufacturing (14%), and wholesale and retail trade (12%). more

22/09/2014Euro banknotes in circulation: latest figures The value of euro banknotes in circulation increased in August from €969.5 billion to €971.2 billion. This monthly increase was mainly in 50 euro notes, with net issuance of €1.1 billion.more

09/09/2014Press release: Payment Statistics for 2013The European Central Bank (ECB) has today published the 2013 statistics on non-cash payments, which comprise indicators on access to and use of payment instruments and terminals by the public, as well as volumes and values of transactions processed through payment systems. Statistics are published for each EU Member State, in addition to EU and euro area aggregates and comparative data. more

14/08/2014 Results of the ECB Survey of Professional Forecasters (SPF) for the third quarter of 2014:Participants expect a moderate pick-up in inflation over the period 2014-2016.
Expectations for real GDP growth remained unchanged, pointing at a gradual strengthening; unemployment rate forecasts were revised downwards. more

18/07/2014 Euro
area international investment position - debt securities by currency of denomination at end-December 2013At the end of December 2013, the total value of debt securities issued by non-euro area corporations and governments, and held by euro area residents was EUR 3.3 trillion, of which 45% denominated in euro and 30% in US dollar. The total value of euro area debt securities held by non-euro area residents was EUR 4.9 trillion, of which 67% denominated in euro and 20% in US dollar. SDW,
methodological information: "The
international role of the euro".

11/07/2014 Latest update of the Structural Financial Indicators. The European Central Bank (ECB) has released today the end-2013 Structural Financial Indicators. This data set comprises statistics on the number of local units (branches) and employees of EU credit institutions, as well as data on the degree of concentration of the banking sector in each of the EU Member States, and data on the share of foreign-controlled institutions in the different national banking markets of the EU. more

01/07/2014Statistics on securities trading, clearing and settlement - data for 2013The ECB is today releasing annual statistics on securities trading, clearing and settlement, updated for the latest reference period of 2013 (including revisions for historical periods up to 2005). The data are sourced, mainly via national central banks, from regulated securities exchanges, central clearing counterparties and centralised securities depositories operating domestically and on a pan-European basis, in the European Union. Both structural and transactions data, broken down by type of activity, institutional sector, financial instrument, currency and other breakdowns (as applicable) are provided. Data are available in time-series and in comparative report format. more

19/05/2014 Latest
update of the indicators of financial integration The latest update of the indicators of financial integration has been released. These indicators allow an overall assessment of the degree of financial integration in the main financial market segments of the euro area, covering the money market, bond markets, equity markets and banking markets, and include indicators related to market infrastructures. Indicators
of financial integration

25/04/2014 Euro area quarterly financial accounts - 2013 quality reportThis data quality report is published for the first time. It is a contribution to the ECB Statistics Quality Framework and includes a quantitative analysis of revisions and national accounts consistency. Quarterly financial accounts, which are compiled by the ECB, are part of the quarterly integrated financial and non-financial accounts by institutional sector (euro area accounts), which have been published in cooperation with Eurostat since mid-2007. Integrated accounts contribute to the ECB’s assessment of risks to price stability and have enhanced not only the monetary analysis, but also economic and financial stability analysis. more

10/03/2014 Harmonised indicators of competitiveness based on consumer prices more

10/02/2014 Harmonised indicators of competitiveness based on consumer prices more

02/01/2014 Update of the trade weights of the EERs/HCIsUpdated Effective Exchange Rates have been published more

09/12/2013 Harmonised indicators of competitiveness based on consumer prices more

29/10/2013 Euro
area international investment position and its geographical breakdown at
the end of 2012 and geographical breakdown of the current account up to
the second quarter of 2013The international investment position of the euro area vis-à-vis the rest of the world recorded net liabilities of €1.3 trillion (13% of euro area GDP) at the end of 2012, €193 billion less than at the end of 2011. This change was due mainly to net financial transactions (€141 billion). Other changes in outstanding amounts resulted from other adjustments (€369 billion) that were largely compensated for by negative revaluation effects on account of changes in prices (€322 billion). more

11/10/2013Residential
property prices in the euro area in the second quarter of 2013According to the ECB residential property price indicator for the euro area, prices for houses and flats decreased, on average, by 2.5% year-on-year in the second quarter of 2013, up from a decrease of 2.8% year-on-year in the first quarter of 2013. more

12/07/2013Residential
property prices in the euro area in the first quarter of 2013According to the ECB residential property price indicator for the euro area, prices for houses and flats decreased, on average, by 2.9% year-on-year in the first quarter of 2013, down from a decrease of 2.6% year-on-year in the fourth quarter of 2012. more

10/07/2013Press
release: Euro area securities issues statisticsThe annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.1%
in May 2013, compared with -0.3% in April. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 0.5% in May 2013, compared with 0.3% in April. more

29/05/2013 Latest euro area Credit Institutions sector balance sheet statistics The latest updates of the aggregated balance sheet statistics of the euro area Credit Institutions sector for the reference period March 2013 have been published today. more

16/05/2013Financial
Markets Survey - 2012 updateThe annual Financial Markets Survey (FMS) collects basic quantitative financial market information (market size and activities) on securities for non-euro area EU countries. The combination of the euro area securities issues statistics and the FMS makes it possible to analyse the structure of the securities market within the European Union. moreStatistical
Data Warehouse

26/04/2013 Survey on the access to finance of SMEs in the euro areaAccording to the results of the eighth wave of the survey on the access to finance, conducted by the ECB, euro area SMEs reported an increase in external financing needs for bank loans between October 2012 and March 2013 (5% of respondents in net terms, unchanged from the previous survey round). They also reported a deterioration in the availability of bank loans, although the situation had improved compared with the previous survey (-10% of respondents, in net terms, up from -22%). more

21/01/2013MFI
statistics 2011: Continued decline in 2012 in the number of monetary financial
institutions in the euro area and in the EUOn
1 January 2013 the total number of monetary financial institutions (MFIs)
in the euro area stood at 7,059. This is a net decrease of 474 units (-6%)
in comparison with the situation a year ago. With a few small exceptions,
declines occurred across the whole of the euro area. In the European Union
(EU) as a whole, there were 9,076 MFIs, a net decrease of 511 units. more

16/01/2013MFI
balance sheets for EU Member States and for the euro areaThe
ECB has released a new set of tables showing MFI balance sheets for EU
Member States and for the euro area. The tables include an overview of
each country’s aggregated MFI balance sheet and a detailed breakdown of
MFI loans and deposits by counterparty sector. In addition, each table
is automatically linked to its underlying series in the ECB’s Statistical
Data Warehouse (SDW). SDW:
MFI balance sheets

28/09/2012 ECB
publishes the results of the Euro Money Market Survey 2012 Today
the European Central Bank (ECB) is publishing the results of the “Euro
Money Market Survey 2012”, which highlights the main developments in the
euro money market in the second quarter of 2012, comparing them with the
second quarter of 2011. more

03/09/2012 Policy
regarding the reuse of ESCB statistics In
the light of increasing demand for ESCB statistics, the ESCB announces
its policy of free access and free reuse regarding its publicly released
statistics, irrespective of any subsequent commercial or non-commercial
use. more

29/06/2012 Statistics
on securities trading, clearing and settlement - data for 2011The
number of delivery instructions processed by central securities depositories
in the EU reached 340 million, corresponding to a value of € 995 trillion.
Compared with the data for 2010, this means an increase of 6% of the number
and an increase of 8% of their value. more

27/04/2012Survey
on the access to finance of SMEs in the euro areaAccording
to the results of the sixth wave of the survey on the access to finance,
conducted by the ECB, euro area SMEs’ external financing needs increased
between October 2011 and March 2012. At the same time, the survey results
show that access to bank loans continued to deteriorate. more

18/04/2012 Manual
on MFI balance sheet statisticsThe
European Central Bank has today published a manual on MFI balance sheet
statistics. The manual provides compilers and reporting agents for such
statistics with a comprehensive point of reference regarding the relevant
legal requirements, as well as further, non-binding guidance on methodological
issues. Such information may also be important for users as regards the
analysis of data. more

08/02/2012 Update
of trade weights data underlying the EERs and HCIsChina
has become the largest trading partner of the euro area. more

20/01/2012Technical
Compilation Guide for Pension Data in National AccountsToday
the European Commission (Eurostat) and the ECB have released the Technical
Compilation Guide for Pension Data in National Accounts. The Guide, produced
by the two institutions based on a mandate given by the Committee on Monetary,
Financial and Balance of Payments Statistics, is a handbook for compilers
and users of data on pension schemes in social insurance. It aims at supporting
National Statistical Institutes, Central banks and other compilers within
the European Union, to derive position and flow data for pension entitlements.
The guide is also a useful tool to help users to understand the data. more

19/12/2011 Press
release: Euro area balance of payments in October 2011In
October 2011 the seasonally adjusted current account of the euro area recorded
a deficit of €7.5 billion. In the financial account, combined direct and
portfolio investment recorded net outflows of €32.1 billion (non-seasonally
adjusted). more

11/11/2011Press
release: Euro area securities issues statisticsThe
annual growth rate of the outstanding amount of debt securities issued
by euro area residents was 3.3% in September 2011, the same as in August.
For the outstanding amount of quoted shares issued by euro area residents,
the annual growth rate was 1.9% in September 2011, the same as in August. more

25/10/2011 Aggregated
balance sheet of euro area investment fund: euro area breakdowns by investment
policy and national contributions on assets and liabilitiesThe
latest statistics on the aggregated balance sheet of euro area investment
funds broken down by investment policy are now available in a table format moreAdditionally,
the latest quarterly statistics for the national contributions to the aggregated
balance sheet of euro area investment funds are also available in a table
format. The same tables, translated in the corresponding national language,
are available on the websites of participating National Central Banks more

25/10/2011 Aggregated
balance sheet of euro area insurance corporations and pension funds: national
contributionsThe latest annual statistics
for the national contributions to the aggregated balance sheet of euro
area insurance corporations and pension funds are now available in table
format. The same tables, translated in the corresponding national language,
are available on the websites of participating National Central Banks more

16/09/2011 Press
release: Euro area balance of payments in July 2011In
July 2011 the seasonally adjusted current account of the euro area recorded
a deficit of €12.9 billion. In the financial account, combined direct and
portfolio investment recorded net outflows of €16 billion (non-seasonally
adjusted). more

12/05/2011Release
of the ECB's government finance statistics dashboardThe
latest government deficit/surplus and debt data for the euro area, the
EU and individual EU Member States can now be accessed via the ECB's new
government finance statistics dashboard. In 2010 the euro area's government
deficit totalled 6.0% of GDP, while government debt increased to 85.2%
of GDP, up from 79.3% in 2009. more

11/05/2011 ECB
publishes a Notice on the statistical reporting obligations of electronic
money institutions from 30 April 2011The
European Central Bank has published a Notice on the statistical reporting
obligations of electronic money institutions from 30 April 2011. In view
of changes in the legal framework for electronic money institutions under
Directive 2009/110/EC of the European Parliament and of the Council of
16 September 2009, the Notice provides information about the ongoing statistical
reporting requirements for these institutions under Regulation ECB/2008/32
of 19 December 2008 concerning the balance sheet of the monetary financial
institutions sector (Recast). The Notice can be accessed via
Notice
on the statistical reporting obligations of electronic money institutions from 30 April 2011 .

30/03/2011 Euro
area monetary and financial statistics – 2010 quality reportThe
report contains assessments of the quality of euro area monetary and financial
statistics, including a quantitative analysis of the reliability of, and
the revisions to, the balance sheet statistics of the monetary financial
institutions sector. Furthermore, it provides information on the implementation
of four much enhanced or new ECB statistics which have been developed to
meet user requirements. Based on an in-depth qualitative and quantitative
analysis, the main conclusions of this report are that the euro area monetary
and financial statistics are of a very high quality and were published
in a timely and punctual manner in 2010. more

18/03/2011 Press
release: Euro area balance of payments (January 2011)In
January 2011 the seasonally adjusted current account of the euro area recorded
a deficit of EUR 0.7 billion. In the financial account, combined direct
and portfolio investment recorded net outflows of EUR 7 billion (non-seasonally
adjusted). more

20/12/2010 Press
release: Euro area balance of payments in October 2010In
October 2010 the seasonally adjusted current account of the euro area recorded
a deficit of EUR 9.8 billion. In the financial account, combined direct
and portfolio investment recorded net inflows of EUR 4 billion (non-seasonally
adjusted).more

17/12/2010 Residential
property prices in the euro area in the third quarter of 2010The
ECB residential property price indicator for the euro area increased by
2.4% year-on-year in the third quarter of 2010. In the first and second
quarters of 2010, prices for houses and flats were 0.3% and 1.8%, respectively,
higher than in the same quarter one year earlier, while residential property
prices had decreased by almost 3% in 2009. more

19/10/2010 Press
release: Euro area balance of payments in August 2010 In
August 2010 the seasonally adjusted current account of the euro area recorded
a deficit of EUR 7.5 billion. In the financial account, combined direct
and portfolio investment recorded net outflows of EUR 1 billion (non-seasonally
adjusted). At the end of the second quarter of 2010, the international
investment position of the euro area recorded net liabilities of EUR 1.1
trillion vis-à-vis the rest of the world (12% of euro area GDP). This represented
a reduction of EUR 202 billion in comparison with the position at the end
of the previous quarter. more

13/10/2010ECB
publishes historical data for the euro area yield curves Today,
the European Central Bank has released historical data for the euro area
yield curves that go back to 6 September 2004. These data are based on
the same sources and methodology used for the daily estimations. more

05/10/2010Publication
of Consolidated Banking Data (reference period: end-2009)The
Consolidated Banking Data (CBD) containing information on the profitability,
balance sheets, assets quality, capital adequacy and solvency of EU banks
have been published. The CBD is based on annual consolidated information
provided by the member organisations of the Banking Supervision Committee
(BSC) of the European System of Central Banks. more

10/09/2010 Euro
area securities issues statistics The
annual growth rate of the outstanding amount of debt securities issued
by euro area residents decreased from 3.7% in June 2010 to 3.4% in July.
For the outstanding amount of quoted shares issued by euro area residents,
the annual growth rate was 1.8% in July 2010, compared with 1.9% in June. more

07/09/2010 BIS,
ECB and IMF publish second part of Handbook on Securities StatisticsThe
Bank for International Settlements (BIS), the European Central Bank (ECB)
and the International Monetary Fund (IMF) today jointly released the second
part of the “Handbook on Securities Statistics”, which covers debt securities
holdings. The aim of the Handbook is to assist national and international
agencies in the production of relevant, coherent and internationally comparable
securities statistics for use in monetary policy formulation and financial
stability analysis. more